When you rent a home, you share responsibilities, costs and assets with the property’s owner. However, you have your own asset to protect as well. So, if a damaging incident occurs in the rental, you might face significant personal losses that might prove very expensive. Renters insurance can help cover these costs to ease your personal burden.
Why do I need Renters insurance?
By having renters insurance, you can get a financial settlement that can help you avoid out-of-pocket expenses following unexpected problems in your rental home.
For example, if a fire occurs on the property, your policy might damage your possessions and the home’s structure.
- Your renters insurance can help you replace possessions damaged in the blaze. It might also cover emergency medical expenses if necessary.
- If the fire was your fault, then coverage can also help you pay the property owner to repair damage to the home’s structure. If the fire wasn’t your fault, however, then the landlord’s own property insurance will likely cover the home itself.
With the funds from your renters policy, you won’t have to lose savings trying to recover from a damaging incident on your property. You’ll therefore be able to weather some of the unexpected storms that might strike your life.
Is Renters insurance required in Texas?
Depending on the property you choose to rent, you might have a requirement to carry renters insurance. Most landlords require their tenants to carry minimum levels of renters insurance. They might require liability insurance, possessions coverage and other types of protection. You will have to maintain coverage for as long as you hold the property’s lease.
What does Texas renters insurance cover?
Simply by your occupancy, the risk levels and property value in your rental home will change. Therefore, you’ll need to carry specifically-tailored renters insurance. Most policies can contain:
Liability insurance: Coverage will protect your duty to others. For example, if someone gets hurt on your property and sues you, this coverage can help you pay for their losses. Coverage might pay for:
- Injuries a visitor to your home sustains on the property.
- Damage or physical injuries a pet causes to others.
- Property damage you cause to the house itself.
- Property damage you cause to others when they visit your home.
- Damage to another party’s property, i.e. if you hit a golf ball through a neighbor’s window.
Coverage might pay for property replacement costs and legal fees if an affected party sues you.
Possessions coverage: Possessions insurance will help if instances like fire, theft, vandalism severe weather or burst pipes damage your belongings. Policies might pay for your items in a couple of ways:
- Replacement cost coverage will pay for damaged items at their full value. You therefore can buy new items of equal or lesser value.
- Actual cash value coverage will only pay for an item’s depreciated value at the time of the claim. Many items depreciate over time. So, this coverage might not pay you for the item’s full value. That might make it harder to replace the item.
Keep in mind, wear and tear won’t have renters coverage. You will also likely have to pay a deductible on your coverage. Therefore, you might not be able to get coverage for certain low-value losses.
Living expenses insurance: Many people ask, will renters insurance cover expenses if I am forced out of my home? If you have living expenses coverage, then yes, you might have recourse. Coverage can protect you if a damaging incident causes you to have to temporarily move out. It might pay for hotel bills, dining expenses and necessities like clothing.
Medical payments insurance: If you get hurt at home, your policy might offer supplementary coverage for your medical bills. However, this coverage does not replace your standard health insurance.
How much renters insurance do I need?
Generally, it is a good idea to carry as much coverage as you can reasonably afford. After all, you want your renters insurance to ease your financial burden following a problem at home.
- We recommend that you carry liability insurance in excess of any minimums set by your landlord. For example, if you have a $50,000 coverage requirement, we suggest you take out at least $100,000. That will help cover more potential expenses beyond the minimum.
- Your possessions insurance should cover the full value of the belongings in the home. Document the value of your possessions through appraisal. Then, select coverage above that value.
- Getting replacement value possessions insurance might be more expensive than cash value coverage. However, your agent can guide you in determining the right steps.
- Please note, some possessions policies might include per-item limits, which will pay a maximum dollar amount for certain items. Therefore, you might need to add policy endorsements on high-value items like jewelry or art.
Work with one of our agents to establish the right renters policy. The Matthews Insurance Group’s team has the expertise to help you navigate the Texas renters insurance market to find the right policy.
Who has the cheapest Renters insurance in Texas?
You might think it’s very hard to get high levels of renters insurance while keeping your coverage affordable. Trying to search for the right one might also feel daunting. When you come to The Matthews Insurance Group, we will make it a priority to find coverage that offers you the best cost benefit for coverage. You won’t have to sacrifice benefits just to get a better cost on protection.